Brent is set to close out August with a fifth successive monthly price rise
Oil prices nudged up on Monday, with Brent futures set to post a fifth consecutive monthly gain, as global stimulus measures underpin prices even as demand struggles to return to pre-Covid levels in a well-supplied market.
Oil markets largely shrugged off the hurricane’s impact on Friday as energy companies continued efforts to restore operations at US Gulf Coast offshore platforms and refineries shut before the storm. “The relationship between demand and price elasticity is blunted in the current environment, because oil is already cheap and readily available and there exist a dearth of buyers.”
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